The Liquidity Creation Effect of the Central Bank Collateral Framework
The central bank collateral framework has the function of quantitative easing or credit easing policies and has become the monetary policy tools and financial stability instruments for major developed economies'central banks such as the Federal Reserve and the European Central Bank after the financial crisis.This article constructs a financial intermediary profit maximization model embedded with collateral discount rates and liquidity creation,and explores the causal impact of expanding the central bank collateral framework on bank liquidity creation based on the quasi-natural experiment of the People's Bank of China's pilot program on credit asset pledged relending.Theoretical derivation and empirical research indicate the following:First,expanding the central bank collateral framework significantly enhances banks'level of liquidity creation.Second,the expansion of central bank collateral framework promotes bank liquidity creation through asset allocation mechanism and risk-taking mechanism.This article provides possible policy recommendations for central banks to enhance the level of bank liquidity creation,increase loans to promote investment and continuously consolidate and strengthen the good trend of economic recovery through the central bank's collateral framework.
Central bank collateral frameworkLiquidity creationThe pilot program on credit asset pledged relending
万方数据
维普
